GLOBAL SEAFOOD TECHNOLOGIES (GSFT) Part I
With the dramatic rise in price over the last several sessions, investors in this security would be wise to consider the following items:
SHARE CAPITAL AND EQUITY
As of December, 2000, there were 13,124,046 shares issued. This does not include the following:
850,000 shares which management describes as “forged”
1,700,000 shares currently in litigation
203,400 issued for no consideration and currently in dispute
4,500,000 warrants to purchase additional common shares at prices between $1.00 to $1.56 and expiring on or before July 1, 2001 to April 1, 2009, of which 2,000,000 are exercisable at the rate of $1.00 per share, expire on July 15, 2001, and are held by director William Schofield, a Director of the company
3,555,556 shares which may be issued to Mr. Schofield upon the conversion of preferred shares
total fully diluted shares: 23,933,002
company sales have been relatively flat for the past three years (2000-$14,205,602, 1999-$13,841,059, 1998-$14,054,926), and largest profit in last four years of operations was $.02/share in 1997
the company has stockholders equity of $3,190,987, of which $2,223,478 is listed as receivables
EQUITY ADVISORS, INC.
Equity Advisors Inc. is the holder of one million warrants
Marc S. Barhonovich, the sole shareholder and President of Equity Advisors, is also President of Beverly Hills Ltd. Inc. (BLTD), which trades on the Pink Sheets at $.09
An excerpt from a BLTD filing:
Beverly Hills, Marc Barhonovich, Steven Velte and Michael Hanlon, an officer of Global Golf, are defendants in an action pending in the United States District Court for the Northern District of Georgia brought by CNBC Sports International Limited. The parties have settled this matter and it will be dismissed upon Beverly Hills fully performing its obligations under the terms of the settlement agreement.
There are several other lawsuits listed in their filings, as well as the following article from the “New Jersey Lawyer”, published in November, 1998:
HEADLINE: SELF-INCRIMINATION;
A § 56:8-7 Subpoena Does Not Create Corporate Self-Incrimination Privilege
BYLINE: Molly J. Liskow
BODY:
VERNIERO v. BEVERLY HILLS, LTD., INC., Appellate Division, A-2389-97T3, November 10, 1998, approved for publication November 10, 1998. By Skillman, J. Also on panel: Havey and P. G. Levy. Appealed from Margolis, J., Chancery Division, Essex County. (8 pages).
Facts-on-Call Order Number 4545
N.J.S.A. 56:8-7 does not immunize a corporation or a custodian of corporate records who produce records in response to the Attorney General's subpoena.
The Attorney General, acting under the authority of N.J.S.A. 56:8-4, part of the Consumer Fraud Act, served an administrative subpoena on Beverly Hills Ltd., Inc. The subpoena required Beverly Hills to produce certain business records. The subpoena concerned an investigation into advertisements, solicitations, and other commercial practices that Beverly Hills used to market and sell goods and services.
Beverly Hills and its principal, Jonathan Nichadowicz, asserted that they were entitled to "exemption from both civil and criminal punishment in the event demanded documents would in any way result in self incrimination." The corporation and its principal demanded that they receive immunity before they turned over any documents.
The Attorney General responded that the corporation had no self-incrimination privilege concerning its business records. The Attorney General insisted on compliance with the subpoena. When Beverly Hills and Nichadowicz maintained their position, the Attorney General filed an action to enforce compliance with the subpoena.
LINK TO MEDIACOMM MARKETING
The home page for GSFT can be found at:
mcomm.com
This mediacomm page is indicative of the kind of companies that they are involved with:
mcomm.com
Many are Vancouver-based penny stock promotions, including companies run by John Robertson and John Hicky of Vancouver. Several have had run-ins with the SEC, including George Garcy/Global Consulting, George Schlieben/Global Penny Stocks, and Venturetech Inc./Ed Taxin.
Also charged by the SEC is IBJ Publications. GSFT paid 50,000 shares for promotion to a company run by the same individual, Mr. Richard Wey (I.R. Firm Inc.) in 1999.
There is also a link provided to the home page of Stockup.com, a promotion of murderer Ed Williamson.
ON FEBRUARY 9, GSFT FILED AN 8K TO REGISTER FOR SALE ONE MILLION WARRANTS OWNED BY EQUITY ADVISORS INC.
DIRECTOR WILLIAM SCHOFIELD ALSO OWNS 2 MILLION WARRANTS EXERCISABLE AT $1.00 WHICH EXPIRE IN JULY, 2001.
IT IS THE OPINION OF THE WRITER THAT THE CURRENT STOCK PROMOTION OF GLOBAL SEAFOOD TECHNOLOGIES IS BEING CONDUCTED TO ALLOW INSIDERS TO DUMP 3 MILLION SHARES OF STOCK ON THE PUBLIC. |
